Worldwide fog computing market is expected to reach US$934 million by the year 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2026.
Fog computing helps in augmenting the efficiency and data computing capabilities for cloud computing. Fog computing also finds significant application in areas such as smart grid, smart city, smart buildings, vehicle networks, as well as software-defined networks.
In terms of components, the global fog computing market is divided into hardware components and software components. The hardware segment is further divided into routers/gateways, controllers, switches, sensors, and others, while the software segment is split into custom application software and fog computing platforms.
As reported, the software is currently expanding at the highest CAGR and has amassed the biggest market share, owing to increased functionality, low cost, and advanced features and designs. The hardware market, on the other hand, is also flourishing due to consistently decreasing cost of sensors, semiconductor devices, and storage devices. Furthermore, the advancements in network technology, which reduces the OPEX in business organizations, is said to propel the growth of the fog computing market.
In terms of service outlook, the global fog computing market is bifurcated into professional service and training service. The application landscape of the fog computing is segmented into smart cities/smart homes, smart manufacturing, smart energy, transportation & logistics, connected healthcare, building & automation, and others. According to the report, the smart manufacturing segment is projected to hold the largest market share, on account of the huge number of sensors deployed across various functions in manufacturing facilities, which generates substantial amount of data. Fog computing thus assists manufacturing companies in reducing operating cost by using real-time data for efficient decision-making.
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According to the findings of the report pertaining to the regional contribution, the North American region currently dominates the fog computing market worldwide, on account of the initiatives taken by countries like the United States and Canada to escalate the adoption of IoT. Europe has emerged as the second-largest market with rise in the adoption of IoT and fog computing. The report further cites that the Asia Pacific market would witness considerable market expansion during the projected period, due to surging awareness regarding fog computing in the region. The APAC region is also predicted to be the fastest growing market over the estimated years, exhibiting the highest CAGR.
Based on the key findings by market researchers, the worldwide fog computing market is projected to grow at a 62.6 percent CAGR over 2018-2026. The market is quite competitive including leading market contenders such as Intel Corporation, Microsoft Corporation, PrismTech, Crosser Technologies, Cradlepoint Inc., Cisco Systems Inc., FogHorn Systems, Nebbiolo Technologies, Arm Holding Plc, ADLINK Technology Inc., and Fujitsu.
The latest report encompasses a thorough analysis of the global fog computing market drivers, restraints, and opportunities, besides the present market scenario and future trends. A brief overview of the current industry trends, Porter's five forces, PEST analysis, value chain, regional landscape, competitive ranking analysis, and competitive vistas has also been entailed in the report.